CNBCJulian RobertsonIt’s official.
Apple is no longer the hedge fund darling anymore.
We’ve seen this coming with a handful of hedge funds exiting their positions in Apple.
Long-time Apple investor Julian Robertson, who runs Tiger Management, dumped his entire stake in the tech giant sometime during the first quarter of 2013 ended March 31st, according to a 13F regulatory filing.
For a long time, Apple was one of the legendary hedge fund manager’s biggest holdings.
Back in October 2012, Robertson told Maria Bartiromo on CNBC’s “Closing Bell” that Apple was one of the great companies available at “very reasonable prices.”
He called it a magnificent company and a “great value at these levels,” during that interview.
“It’s rare that you get a chance at having a great company at a great value,” Robertson added.
Since the date of that interview, Apple’s stock has fallen more than 27%. The stock is down more than 19% since the beginning of this year.
If you recall, Apple was also the subject of a memorable interview between Robertson and Erin Burnett.
Burnett, a former CNBC anchor who now works for CNN, asked Robertson in November 2010 if he was worried about an Apple bubble.
“But big picture, you’ve got some worries. Because, well, everybody knows Apple is a hot stock, it’s sort of become, I’m going to be honest, it’s almost like a cult these days, Julian,” Burnett said.
“The one thing I’ve learned is don’t be frightened of a stock that’s going up and Apple is so expensive that despite teh fact that people keep pouring into it, it doesn’t go up wildly. And I mean 18 or 20x earnings for maybe the greatest company in the world I don’t think is at all high,” Robertson responded.
For a long-time, Apple’s stock was viewed as a hedge fund favourite. During the fourth quarter of 2012, though, a number of big named hedge fund managers including Daniel Loeb, Barry Rosenstein, Eric Mindich, Stephen Mandel and John Thaler (just to name a few) completely dumped their positions in the iPhone maker.
Robertson is just the latest to throw in the towel on the tech giant.
Now here’s a timeline of Robertson’s Apple position over the past five years based on regulatory filings with the SEC:
- 2008 Q4: 161,000 shares
- 2009 Q1: 144,900 shares
- 2009 Q2: 115,200 shares
- 2009 Q3: 80,400 shares
- 2009 Q4: 80,4000 shares
- 2010 Q1: 85,100 shares
- 2010 Q2: 127,580 shares (10,000 call)
- 2010 Q3: 127,580 shares (10,000 call)
- 2010 Q4: 121,830 shares
- 2011 Q1: 81,130 shares
- 2011 Q2: 106,330 shares
- 2011 Q3: 78,526 shares
- 2011 Q4: 68,576 shares
- 2012 Q1: 88,690 shares
- 2012 Q2: 100,930 shares
- 2012 Q3: 100,930 shares
- 2012 Q4: 41,125 shares
- 2013 Q1: Sold out of all shares.
Here’s a chart of Apple’s performance from the end of the fourth quarter in 2008 to the end of the first quarter in 2013: